Freehold ownership gives the owner absolute right over land or property. He can build anything (which does not violate the country's law in other ways), resell to anybody, or rent it on whatever conditions. Unlike most other parts of the world, not everyone was granted the freehold ownership in UAE sometime ago. Foreigners were only allowed to rent properties, or at most a 99-years leasehold was all they could get. Most investors were reluctant to invest in UAE real estate back then, given the limited set of benefits they were able to obtain out of that investment. It was the Dubai government, who broke the shackles and came up with some freehold property zones. Foreign companies and individuals were allowed to acquire freehold ownership in these areas. Although the owners were not granted permanent residence visas, as advertised by some developers, still the step really worked for Dubai real estate and an investment boom followed. After that, it was just a matter of time that other estates started to follow in Dubai steps.
Ajman, the smallest in United Arab Emirates was the second one to follow in 2004 after Ras Al Khaimah. Ruler of Ajman, Sheikh Humaid Bin Rashid Al Nuaimi Amiri has recently issued new law under Decree No. 7 and 8 for Ajman real estate regulations. The introduction of the new law resulted in immediate price hikes as Ajman cemented its place in the real estate investor's next priorities list. Such investment opportunities are quite rare these days where capital appreciation can show a 200% growth with seemingly less risks involved than any other investment alternates. Growing population, high demand, low prices, investor-friendly regulations, these are the reasons that despite being the smallest of all seven estates, Ajman is next only to Dubai and Abu Dhabi in terms of real estate growth in UAE.
Ajman actually bypasses Dubai and Abu Dhabi as an investment prospect in terms of short-term gains because the prices are significantly low as compared to Dubai. More and more people are looking to live in Ajman, which is only at 30 minutes drive (approx 35 km) from Dubai. Being so close to Dubai and anticipated to grow significantly in coming days, Ajman presents an excellent opportunity for those who were priced out of Dubai property market. Great location, Freehold properties, more than 20 years of tax-free operations, no personal income tax and many other advantages have helped to set Ajman property demand in the right direction.
Monday, December 29, 2008
Tuesday, December 23, 2008
Recession looming at "Recession Proof" economies – A UAE Perspective
A different economy, different parameters, and a different scenario altogether, recession is here and apparently it's here to stay. If you are an aged fellow, you'd know that these calamities come and go, but if you are relatively young (or someone affected by it), you'd be feeling like a deer caught in the headlights while listening to the news of economic crisis sprawling all over the world. A recession like situation in US was always on radar when the credit crunch began, and the aftermaths were supposed to be seen in other economies as well. But some economies were considered resilient enough to pass through this phase unaffected. One of these "thought-to-be" solid economies was UAE, which thrives on its oil reserves, real estate and tourism.
Not that the earlier estimates were wrong, and UAE economy is deemed to go down with the recession, but then we are living in a global village and you can't just detach an economy from those who are having trouble. All things considered, UAE may well be able to put up with the ongoing recession, but this economic unrest will definitely weaken the economy pillars.
Real Estate & Construction:
In past three years, we saw magnificent growth in Dubai real estate market. Properties were sold like hot cakes; mega projects announced one after another, land reclamation projects, world's tallest buildings, huge shopping malls and what not. Is it over? You'd ask. Well, certainly not, however the things (e.g. property flipping) are going to calm down to some extent. Construction will not come to a halt anytime soon but will surely drop (you'd have been reading a lot about those 25 percent of world total cranes operating in Dubai, a few of these giant machines can have a break now). Same is the case with real estate prices, they will continue to rise but not at that maddening speed.
Financial Market:
Hardly anyone would have suspected it to reach UAE, but the financial crisis that started from US has been spreading like jungle fire. Even now, the situation in UAE is not that dismal by any means, and it's unlikely to get that worse (oil exports will keep bringing in the much needed capital, particularly in Abu Dhabi). But the banks and other conventional lenders are already panicked, which has resulted in high interest rates. Unavailability of finance will most likely be a problem that Dubai government has to sort out (Dubai has recently got a huge financial aid from Abu Dhabi).
Tourism:
It's not much of a brainteaser for anybody to realize that recession will have a negative affect on tourism industry, especially when most of the tourists coming to the Emirates are from regions that are believed to be the most affected ones (UK, America or Europe). Instead of spending on traveling, people will be looking to save more for tough times ahead. Among all Emirates, Dubai will be hardest hit by this plunge in tourism.
Generally speaking, the picture may not be that rosy in UAE but it will look a lot healthier when judged against the wobbling economies of US or Europe.
Not that the earlier estimates were wrong, and UAE economy is deemed to go down with the recession, but then we are living in a global village and you can't just detach an economy from those who are having trouble. All things considered, UAE may well be able to put up with the ongoing recession, but this economic unrest will definitely weaken the economy pillars.
Real Estate & Construction:
In past three years, we saw magnificent growth in Dubai real estate market. Properties were sold like hot cakes; mega projects announced one after another, land reclamation projects, world's tallest buildings, huge shopping malls and what not. Is it over? You'd ask. Well, certainly not, however the things (e.g. property flipping) are going to calm down to some extent. Construction will not come to a halt anytime soon but will surely drop (you'd have been reading a lot about those 25 percent of world total cranes operating in Dubai, a few of these giant machines can have a break now). Same is the case with real estate prices, they will continue to rise but not at that maddening speed.
Financial Market:
Hardly anyone would have suspected it to reach UAE, but the financial crisis that started from US has been spreading like jungle fire. Even now, the situation in UAE is not that dismal by any means, and it's unlikely to get that worse (oil exports will keep bringing in the much needed capital, particularly in Abu Dhabi). But the banks and other conventional lenders are already panicked, which has resulted in high interest rates. Unavailability of finance will most likely be a problem that Dubai government has to sort out (Dubai has recently got a huge financial aid from Abu Dhabi).
Tourism:
It's not much of a brainteaser for anybody to realize that recession will have a negative affect on tourism industry, especially when most of the tourists coming to the Emirates are from regions that are believed to be the most affected ones (UK, America or Europe). Instead of spending on traveling, people will be looking to save more for tough times ahead. Among all Emirates, Dubai will be hardest hit by this plunge in tourism.
Generally speaking, the picture may not be that rosy in UAE but it will look a lot healthier when judged against the wobbling economies of US or Europe.
Monday, November 24, 2008
Leading developers in UAE real estate industry
Real Estate Developer companies in United Arab Emirates are well known for their stunning innovations, ground breaking designs and swift completion of the projects. Credit goes to Nakheel, Emaar, Damac, etc for delivering projects like Palm Island, Business Bay, Dubailand or Burj-Ul-Arab. These developers have grown in tandem with Dubai real estate market. Some of these much admired developers operating in UAE markets are discussed below.
Al Nakheel Properties:
Nakheel Corporation is the most prominent developer in UAE. Their trademark work is the land reclamation projects they have carried so far. Palm Trilogy, The world or Dubai water fronts, each of them is a milestone, achieved by no other company as yet. Other notable properties include Jumeirah Lake Towers, The International City or Jumeirah Village. Nakheel's vision has provided Dubai with the much needed edge in design and structures over other parts of the world.
Emaar Properties:
Regarded as the largest real estate company of UAE, having projects like Burj Dubai (anticipated to be the tallest man made structure in world), Dubai Marina, “Emaar Misr” and “Emirates Livings” on their portfolio, "Emaar Properties" means business for sure. The company is just 11 years old and already aiming at becoming one of the most valuable companies by 2010. Apart from UAE, Emaar properties has extend their business to more than 30 countries all over the world including Saudi Arabia, Egypt, Morocco, India, Pakistan, Turkey, USA, Canada and United Kingdom.
Damac Properties:
Another big name, Damac properties won the title in five categories of CNBC Arabian Property Awards 2008. They have a long list of residential and commercial units on their credit such as ocean Heights, The Waves, Burjside Terrace, Business Square, Solitaire, Damac Heights, Business Heights and Park Towers, all situated at strategically selected exclusive locations. Damac Properties are also appraised for their great payment plans and investment offers.
Dubai Properties:
“Dubai properties” is the name behind projects like Jumeirah Beach Residence, Business Bay (accredited as the best master development in Arabian Property Award 2008), Culture Village, The Executive Towers and Mudon. This company is a member of Dubai Holding, which belongs to the government of Dubai. The company is now looking to extend themselves internationally.
Dheeraj & East Coast, Deyaar, Tameer, Diamond Investments, ETA Star Property and Vakson Freehold Properties are some other chief developers actively contributing in UAE real estate market, which continues to get bigger and better.
Al Nakheel Properties:
Nakheel Corporation is the most prominent developer in UAE. Their trademark work is the land reclamation projects they have carried so far. Palm Trilogy, The world or Dubai water fronts, each of them is a milestone, achieved by no other company as yet. Other notable properties include Jumeirah Lake Towers, The International City or Jumeirah Village. Nakheel's vision has provided Dubai with the much needed edge in design and structures over other parts of the world.
Emaar Properties:
Regarded as the largest real estate company of UAE, having projects like Burj Dubai (anticipated to be the tallest man made structure in world), Dubai Marina, “Emaar Misr” and “Emirates Livings” on their portfolio, "Emaar Properties" means business for sure. The company is just 11 years old and already aiming at becoming one of the most valuable companies by 2010. Apart from UAE, Emaar properties has extend their business to more than 30 countries all over the world including Saudi Arabia, Egypt, Morocco, India, Pakistan, Turkey, USA, Canada and United Kingdom.
Damac Properties:
Another big name, Damac properties won the title in five categories of CNBC Arabian Property Awards 2008. They have a long list of residential and commercial units on their credit such as ocean Heights, The Waves, Burjside Terrace, Business Square, Solitaire, Damac Heights, Business Heights and Park Towers, all situated at strategically selected exclusive locations. Damac Properties are also appraised for their great payment plans and investment offers.
Dubai Properties:
“Dubai properties” is the name behind projects like Jumeirah Beach Residence, Business Bay (accredited as the best master development in Arabian Property Award 2008), Culture Village, The Executive Towers and Mudon. This company is a member of Dubai Holding, which belongs to the government of Dubai. The company is now looking to extend themselves internationally.
Dheeraj & East Coast, Deyaar, Tameer, Diamond Investments, ETA Star Property and Vakson Freehold Properties are some other chief developers actively contributing in UAE real estate market, which continues to get bigger and better.
Monday, November 17, 2008
Dubai properties continue to set sales record
Investors are eager to get into Dubai real estate market. This is evident by the fact that properties are sold within weeks and in some instance days or even hours of their launch. These sales are boosted by the fact that Dubai real estate actually delivers what it promises. High demand has created a magnet-like affect, drawing investor's money into Dubai from all around the world as soon as a project is launched. Let's look at some of these quick sales.
Entire Building “sold” in hours:
"Dubai properties", a subsidiary of "Dubai properties group" recently announced that it has sold an entire 8 floor building within hours (yes, hours) of release. This building is a part of "Bay Square" project and the remaining buildings will be sold during the course of this year.
Santeview Project:
The urgency in the investor's to grab a piece of property in Dubai was seen when it took just one day for Santeview project by Sungwon to be declared "sold out" after it was launched. Sungwon Corporation is among the biggest construction company in South Korea and it is extensively involved in construction works in GCC now. Their Korean origin mixed with an Arabian touch gives the building an edge over others in technology and design.
800 Villas sold within a week:
Nakheel, another key player in the Dubai real estate arena got an amazing response of 800 villas sold within a week. These villas are a part of "Al Furjan" project, a set of beautifully designed villages that promises to provide its residents a comfortable family life.
Tameer breaking records at Cityscape 2007:
Cityscape Dubai 2007 proved to be a milestone for Tameer, a major real estate developer. 3 days of this largest real estate investment event saw the launch of three latest development projects by Tameer and record sales of Dhs1.9bn. Also in this exhibition Tameer sold 100% of "Platinum Tower’s" office space in less than one hour.
The Wave Business Towers:
Dubai real estate industry doesn't give you a lot of time to mull over, you need to react quickly or you would be left regretting, as the properties are taken by investors in no time. The same happened in the case of "The Wave Business Towers" by "High Rise Real Estate". The three commercial towers were sold right away and the company announced that their investors have already started to see yields on their investment.
Concluding Remarks:
Deyar's Mirar Residences sold in hours, First Dubai Real Estate development company making record sales from its Morina Residence, Silver Tower sold within 2 weeks of its launch, Quartet residential towers in Dubai Lagoon development sold in less than 2 months, all this and many other immediate sales indicate that anybody willing to invest in Dubai real estate market needs to be quick and well aware of all the new anticipated developments.
Entire Building “sold” in hours:
"Dubai properties", a subsidiary of "Dubai properties group" recently announced that it has sold an entire 8 floor building within hours (yes, hours) of release. This building is a part of "Bay Square" project and the remaining buildings will be sold during the course of this year.
Santeview Project:
The urgency in the investor's to grab a piece of property in Dubai was seen when it took just one day for Santeview project by Sungwon to be declared "sold out" after it was launched. Sungwon Corporation is among the biggest construction company in South Korea and it is extensively involved in construction works in GCC now. Their Korean origin mixed with an Arabian touch gives the building an edge over others in technology and design.
800 Villas sold within a week:
Nakheel, another key player in the Dubai real estate arena got an amazing response of 800 villas sold within a week. These villas are a part of "Al Furjan" project, a set of beautifully designed villages that promises to provide its residents a comfortable family life.
Tameer breaking records at Cityscape 2007:
Cityscape Dubai 2007 proved to be a milestone for Tameer, a major real estate developer. 3 days of this largest real estate investment event saw the launch of three latest development projects by Tameer and record sales of Dhs1.9bn. Also in this exhibition Tameer sold 100% of "Platinum Tower’s" office space in less than one hour.
The Wave Business Towers:
Dubai real estate industry doesn't give you a lot of time to mull over, you need to react quickly or you would be left regretting, as the properties are taken by investors in no time. The same happened in the case of "The Wave Business Towers" by "High Rise Real Estate". The three commercial towers were sold right away and the company announced that their investors have already started to see yields on their investment.
Concluding Remarks:
Deyar's Mirar Residences sold in hours, First Dubai Real Estate development company making record sales from its Morina Residence, Silver Tower sold within 2 weeks of its launch, Quartet residential towers in Dubai Lagoon development sold in less than 2 months, all this and many other immediate sales indicate that anybody willing to invest in Dubai real estate market needs to be quick and well aware of all the new anticipated developments.
Tuesday, November 11, 2008
Abu Dhabi Real Estate - Can they catch up with Dubai
There's good news for the investors who thought they were a bit too late in entering Dubai real estate market. Another "Dubai" is in making and this time the stakes are even higher. So far, Abu Dhabi has been quietly observing the growth of Dubai in terms of real estate like a sleeping giant. Government of Abu Dhabi has now started to take initiatives towards Abu Dhabi's transformation into becoming or ever surpassing Dubai. Right now Abu Dhabi's real estate market has everything working in its favor.
Rising Economy:
The biggest Emirate by size, Abu Dhabi is one of the world richest cities in terms of Gross Domestic Product (GDP) and Per Capita Income. With crude oil & gas reserves projected to last another century, Abu Dhabi is the 4th largest supplier of oil. Also Abu Dhabi contribution to the United Arab Emirates economy is more than 60%. All of these indicators prove that Abu Dhabi’s economy can withstand the demands of upcoming boom in real estate industry.
Real Estate Projects:
Some major projects include Saadiyat Island, Yas Island, Al Raha Beach, New International Airport, Desert Towers, Khalifa City and much more. Some of these projects are really huge like Yas Island or Khalifa City. Over $450 billion worth of real estate development projects are planned for this year.
Investing Perspective:
Abu Dhabi holds many positives from investor’s point of view. According to the “Plan Abu Dhabi 2030” assessments, population will grow from less than one million to 3.1 million in 2030, while the number of tourists visiting Abu Dhabi will increase to 7.9 million from the present figure of 1.8 million. Population is largely made of expatriates, so the rents are increasing steadily. As HSBC research report shows, Abu Dhabi real estate prices have an approximate growth of 58%, compared to 37% growth in Dubai real estate prices.
Abu Dhabi government looks quite committed to diversify its economy; it’s only a matter of time before Abu Dhabi real estate market will reach the grandeur of Dubai real estate. Even after the present upsurge, the prices are still relatively low from international standard. News like “Abu Dhabi will be hosting the Formula 1 Grand Prix in 2009” show that Abu Dhabi is investing largely on its tourism sector as well. Investor who can invest and hold their funds for some time, Abu Dhabi real estate will surely bring them great yields in coming years.
Rising Economy:
The biggest Emirate by size, Abu Dhabi is one of the world richest cities in terms of Gross Domestic Product (GDP) and Per Capita Income. With crude oil & gas reserves projected to last another century, Abu Dhabi is the 4th largest supplier of oil. Also Abu Dhabi contribution to the United Arab Emirates economy is more than 60%. All of these indicators prove that Abu Dhabi’s economy can withstand the demands of upcoming boom in real estate industry.
Real Estate Projects:
Some major projects include Saadiyat Island, Yas Island, Al Raha Beach, New International Airport, Desert Towers, Khalifa City and much more. Some of these projects are really huge like Yas Island or Khalifa City. Over $450 billion worth of real estate development projects are planned for this year.
Investing Perspective:
Abu Dhabi holds many positives from investor’s point of view. According to the “Plan Abu Dhabi 2030” assessments, population will grow from less than one million to 3.1 million in 2030, while the number of tourists visiting Abu Dhabi will increase to 7.9 million from the present figure of 1.8 million. Population is largely made of expatriates, so the rents are increasing steadily. As HSBC research report shows, Abu Dhabi real estate prices have an approximate growth of 58%, compared to 37% growth in Dubai real estate prices.
Abu Dhabi government looks quite committed to diversify its economy; it’s only a matter of time before Abu Dhabi real estate market will reach the grandeur of Dubai real estate. Even after the present upsurge, the prices are still relatively low from international standard. News like “Abu Dhabi will be hosting the Formula 1 Grand Prix in 2009” show that Abu Dhabi is investing largely on its tourism sector as well. Investor who can invest and hold their funds for some time, Abu Dhabi real estate will surely bring them great yields in coming years.
Monday, November 10, 2008
Dubai Real Estate Investment – Investor’s Concerns
In terms of real estate business, Dubai in itself is a hot selling brand. With Government taking keen interest in execution and completion of so many amazing projects, and the last decade showing a constant growth, Dubai economic future looks bright. Investing in Dubai property is becoming every investor’s dream, although some raise questions on issues like high demand vs. low supply and infrastructure problems. Let’s have a look at what’s positive and what’s not with investing in Dubai real estate.
High Demand:
One thing is for sure, Dubai properties are in demand. Investors from all over the world are flocking to Dubai, to get a share in huge profits. Since non-residents of Dubai have been allowed to buy the property in Dubai, Dubai is flooded with interested investors. Everybody seems excited and exuberant about on going development plans. It will take some time before these jaw dropping constructions can be matched at some other place of the world.
Lower Prices – Higher Value:
Rapid increase in property prices has created the impression that real estate prices are high in Dubai, which is completely wrong. One has to consider the rates of equally deluxe apartments and offices in other main cities of the world. Comparison will reveal the true picture. Dubai property is still under valued if we take into amount these factors. Dubai is going through an economic boost and with properties prices hiking quickly; the perfect time to invest is now.
Tax Free Zones:
Dubai government has offered so many incentives to attract investment, tax free zones are one of them. Free zones like Jebel Ali free zone, Dubai international financial centre, Airport free zone and Maritime city, presents great opportunity for investors. Dubai offers unsurpassed tax incentives in the world for businesses. More and more companies from all over the world are setting up their business in these free zones.
Tourism:
Dubai is a dreamland for tourists. It has everything, from mysterious deserts to exhilarating beaches, marvelous hotels and resorts. Approximately 6.5 million tourists will be visiting Dubai annually by 2011. World’s biggest arts & entertainment events are held here, making it even more attractive.
Political Situation:
Dubai enjoys political stability and steadiness which is rare in most parts of the world. Since its establishment, Dubai has never been under political chaos, riots or disturbance. Policies are not shuffled and you can invest with the sense of certainty which you will hardly find anywhere else.
Crime:
It’s hard to believe but crime rate is almost zero in this part of the world. With no reports of robbery or theft going around, Dubai is a safe place to live. In today’s world, this kind of peaceful place appeals everyone desperate to live a life, free from anxiety.
High Demand:
One thing is for sure, Dubai properties are in demand. Investors from all over the world are flocking to Dubai, to get a share in huge profits. Since non-residents of Dubai have been allowed to buy the property in Dubai, Dubai is flooded with interested investors. Everybody seems excited and exuberant about on going development plans. It will take some time before these jaw dropping constructions can be matched at some other place of the world.
Lower Prices – Higher Value:
Rapid increase in property prices has created the impression that real estate prices are high in Dubai, which is completely wrong. One has to consider the rates of equally deluxe apartments and offices in other main cities of the world. Comparison will reveal the true picture. Dubai property is still under valued if we take into amount these factors. Dubai is going through an economic boost and with properties prices hiking quickly; the perfect time to invest is now.
Tax Free Zones:
Dubai government has offered so many incentives to attract investment, tax free zones are one of them. Free zones like Jebel Ali free zone, Dubai international financial centre, Airport free zone and Maritime city, presents great opportunity for investors. Dubai offers unsurpassed tax incentives in the world for businesses. More and more companies from all over the world are setting up their business in these free zones.
Tourism:
Dubai is a dreamland for tourists. It has everything, from mysterious deserts to exhilarating beaches, marvelous hotels and resorts. Approximately 6.5 million tourists will be visiting Dubai annually by 2011. World’s biggest arts & entertainment events are held here, making it even more attractive.
Political Situation:
Dubai enjoys political stability and steadiness which is rare in most parts of the world. Since its establishment, Dubai has never been under political chaos, riots or disturbance. Policies are not shuffled and you can invest with the sense of certainty which you will hardly find anywhere else.
Crime:
It’s hard to believe but crime rate is almost zero in this part of the world. With no reports of robbery or theft going around, Dubai is a safe place to live. In today’s world, this kind of peaceful place appeals everyone desperate to live a life, free from anxiety.
Friday, October 31, 2008
Dubai Real Estate Business and New Strata Law
Strata title is a type of real estate ownership where some parts of building (called lots) are owned by the individuals, while the remaining portions (called common areas) are owned and managed by all individuals jointly through owner’s association. This type of ownership usually exists in case of apartment buildings, also known as flats in sub-continent. This is termed as “condominiums” in US and most parts of Canada. Residential units are owned by individuals and common area including stairs, parking, gardens, lifts, roofs, etc are used by all residents jointly.
Call for Strata Law:
The need for strata law arises out of the fact that these types of buildings often have disputes going around over issues like parking, keeping pets that disturb other owners, privacy, alteration or maintenance of common area, etc. Though Strata law cannot stop these disputes altogether, it can surely help in solving them before these quarrels can ruin the environment and peace of residence. Australia was the first one to come up with laws addressing the Strata title issues. Several regions like South Africa, Indonesia, and Singapore then followed with implementing their own set of Strata laws. Such legislations were long anticipated in Dubai where huge sky scrappers and tall buildings containing a big number of apartments and offices are becoming a norm now.
Dubai’s Strata Title Law:
The Dubai Strata title law, signed by the ruler of Dubai, requires the proper division of property according to Strata plan. This strata plan, along with a drawing which marks out the boundaries of lots, entitlement of these lots and other required documents should be registered with the registrar. The law covers almost all areas, from major one like common property, easements, buying and selling of such real estate to comparatively smaller ones like membership of corporate body and keeping pets.
Possible consequences:
Like every new law, Dubai strata law has been greeted with a mix response from its stake holders. However, experts believe that as soon as people get familiar to this law, it will be having a positive effect on growth of real estate as well as facilities management market in Dubai. This law provides detailed yet uncomplicated description of rights & obligations for lot owners, making Dubai real estate more appealing for the investors from all over the world. In short, Strata law is a good attempt by Dubai government, which shows their commitment in making Dubai real estate industry a better and hassle free investment option.
Call for Strata Law:
The need for strata law arises out of the fact that these types of buildings often have disputes going around over issues like parking, keeping pets that disturb other owners, privacy, alteration or maintenance of common area, etc. Though Strata law cannot stop these disputes altogether, it can surely help in solving them before these quarrels can ruin the environment and peace of residence. Australia was the first one to come up with laws addressing the Strata title issues. Several regions like South Africa, Indonesia, and Singapore then followed with implementing their own set of Strata laws. Such legislations were long anticipated in Dubai where huge sky scrappers and tall buildings containing a big number of apartments and offices are becoming a norm now.
Dubai’s Strata Title Law:
The Dubai Strata title law, signed by the ruler of Dubai, requires the proper division of property according to Strata plan. This strata plan, along with a drawing which marks out the boundaries of lots, entitlement of these lots and other required documents should be registered with the registrar. The law covers almost all areas, from major one like common property, easements, buying and selling of such real estate to comparatively smaller ones like membership of corporate body and keeping pets.
Possible consequences:
Like every new law, Dubai strata law has been greeted with a mix response from its stake holders. However, experts believe that as soon as people get familiar to this law, it will be having a positive effect on growth of real estate as well as facilities management market in Dubai. This law provides detailed yet uncomplicated description of rights & obligations for lot owners, making Dubai real estate more appealing for the investors from all over the world. In short, Strata law is a good attempt by Dubai government, which shows their commitment in making Dubai real estate industry a better and hassle free investment option.
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